Samuels receives $20,000 in cash from a customer on April 1 for the sale of merchandise. The merchandise was carried at $16,000 on Samuels' books and Samuels anticipates having to refund 25 percent. Two months later, the customer returns the expected amount of goods to Samuels. Which of the following line items correctly reflects the journal entries by Samuels on the applicable date? A. The journal entry on April 1 will include a credit to "revenue" of $20,000.
B. The journal entry on April 1 will include a debit to "refund liability" for $5,000.
C. The journal entry on June 1 will include a debit to "refund liability" for $4,000.
D. The journal entry on June 1 will include a credit to "cost of goods sold" for $4,000.

Afactory owner wants his workers to produce as many widgets as they can so he pays his workers based on how many widgets they produce. however, in order to make sure that the workers do not rush and produce a large number of poorly made widgets, he checks the widgets at random at various stages of their manufacture. if a defect is found in a widget, the pay of the entire section of the factory responsible for that defect is docked. how is this factory owner seeking to solve the agency conflict problem in this case?

The simple interest in a loan of $200 at 10 percent interest per year is

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)